Transcript Slide 1

Delaware
State Housing Authority
FY ’15 Joint Finance Committee
Public Hearing
February 11, 2014
Delaware State Housing Authority
18 The Green
Dover, DE 19901
(302) 739-4263 ■ (888) 363-8808
Visit us at www.destatehousing.com
DSHA Presentation
Presentation Summary –
• Core Businesses
• Accomplishments and Highlights
• Delaware Housing Market Overview
• State Budget Production Reports
• FY 15 Budget Request
DSHA Mission
Our mission is to efficiently provide, and to assist
others to provide quality, affordable housing
opportunities and appropriate supportive services
to low- and moderate-income Delawareans
DSHA
Core Businesses
Homeownership
• Homebuyer Mortgages
• Second Mortgage Assistance
• Foreclosure Mitigation
• Home Rehabilitation
Rental
• Rental Housing Development
• Multi-Family Site Preservation
• Rental Subsidies
• Asset Management
DSHA
Accomplishments and
Highlights
• First-time homebuyer tax credit
• Mortgage Financing Partnerships
• Bond Restructuring ($2.5 M savings)
• $5 million in new rental subsidies
Delaware Housing
Market Overview
Housing Market Review:
Building Permits
Delaware Building Permits, 2003 – 2013
10,000
8,582
8,000
8,529
7,786
6,678
6,000
4,943
4,000
3,901
3,346
3,121
2,955
3,150
2009
2010
2011
4,693
2,000
0
2003
2004
2005
2006
2007
2008
2012
2013
Source: U.S. Census Bureau, CenStats Database
Housing Market Review:
Home Sales
Delaware Home Sales, 2005 – 2013
18,000
16,000
15,751
14,000
13,647
12,000
12,011
10,000
10,795
9,625
8,000
8,533
8,314
8,247
8,111
2008
2009
2010
2011
6,000
4,000
2,000
0
2005
2006
2007
2012
2013
Source: County Board/Associations of REALTORS©
Housing Market Review:
Home Prices
Median Home Prices, 2000 – 2013
Kent
New Castle
Sussex
Median Home Price ($000s)
350
300
250
200
150
100
50
0
2000
2002
2004
2006
2008
2010
2012
Source: County Board/Associations of REALTORS©
Housing Market Review:
Mortgage Delinquencies
Loans Past Due (30+ days) or In Foreclosure
(% of all loans)
US
16
DE
14
DE
10.82
12
10
US
9.75
8
6
4
2
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2008
2009
2010
2011
2012
2013
Source: Mortgage Bankers Association, National Delinquency Survey
Housing Market Review:
Foreclosure Filings
Delaware Foreclosure Filings, 2003-2013
7000
6000
6,157
6,457
5000
5,112
4,488
4000
3,853
3000
2000
2,592
2,204 2,121 2,175 2,288
1000
1,276
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Housing Market Review:
Sheriff Sales
Source: Lexis Nexis Database, compiled by Counties, AG, and DSHA
FY15 General Fund Request
DSHA Budget
HDF Base Budget
$4,070,000
State Rental Assistance Program
$3,000,000
Total DSHA Budget
$7,070,000
State Rental Assistance
Program
Production Report
$3,000,000 FY14 Budget
$1,900,000 FY14 DSAMH Budget
SRAP Status Report
(as of 1/31/2014)
SRAP Vouchers Issued/Leased by Agency
DHSS-DSAAPD
37
8%
DHSS-DMMA
54
12%
DHSS-DDDS
34
7%
DHSS-DSAMH
256
55%
DSCYF-Youth
47
10%
DSCYF-Families
35
8%
TOTAL
463
100%
SRAP Production Report
SRAP Production and Pipeline (as of 1/31/2014):
Applications
Pending
Vouchers Issued
Applications
Pending
(#)
Funds
Reserved
($)
Vouchers
Issued
(#)
Funds
Reserved
($)
24
$204,000
99
$841,500
Units Leased
Total
Units Leased
(#)
Funds
Encumbered
($)
Application,
Vouchers
and Units
(#)
Total Funds
Reserved
and
Encumbered
($)
364
$2,865,228
487
$3,910,728
Program Recognition
 2011 Governor’s Team Excellence Awards Finalist
 2012 National Association of Housing and
Redevelopment Officials (NAHRO) National Award
of Merit
 2013 National Council of State Housing Finance
Agencies (NCSHA) National Annual Award for
Program Excellence
State Rental Assistance Program
SRAP DOE Pilot Program
 MOU with DOE and DSCYF to create 100 vouchers
 Vouchers will cover one 12-month period
 School homeless coordinators to make eligibility
determination, referral, and provide services
 According to DOE, there are 3,000 homeless
families with at least one child in school
 High cost to transport homeless students
 Students with stable housing perform better in
school
SRAP
FY 15 Request
$3,000,000
 DSHA request for $3 million in FY15 to maintain
vouchers issued in FY13 and FY14
 SRAP program expansion to meet needs of
DHSS/DOJ Settlement
 $1.9 million allocated to the SRAP program by
DHSS/DSAMH to maintain issued vouchers
 Funding for additional vouchers to comply
with the Settlement if made available
FY15 General Fund Request
DSHA Budget
HDF Base Budget
$4,070,000
State Rental Assistance Program
$3,000,000
Total DSHA Budget
$7,070,000
Housing Development Fund
FY13 Production Report
$4,070,000 Base Budget
$6,000,000 ARHP (Bond Bill)
Housing Development Fund
FY13 Unit Production
Rental Housing
New Construction/Rehabilitation
245 Units
Rental / Security Deposit
914 Units
Homeownership
New Construction/Rehabilitation
Pre-Purchase Counseling
38 Units
570 Units
Housing Development Fund
FY13 Funding Leverage
HDF FY13 Funding Summary:
HDF Dollars Allocated
$8.4 million
Low Income Housing Tax Credits
$18.9 million
Private Loans
$12.2 million
Other (Federal, Donations, Contributions)
$22.9 million
Total
HDF Leveraged Amount
(6.43 : 1 ratio)
Economic Activity Created
(7:1 ratio)
Jobs Created or retained
$62.4 million
$ 54 million
$ 58.8 million
294
Housing Development Fund
FY15 Budget Request
$4,070,000 Base Budget
Housing Development Fund
Base Budget Request $4,070,000
1. Affordable Rental Housing
 Rehabilitation of existing units
 Creation of new units
2. Affordable Homeownership
 New units
 Owner-occupied rehabilitation
 Housing counseling
Stoneybrook Apartments
Before Renovation
During Construction
Cascades
Foreclosed Development
During Construction
Completed Construction
Heron Run
Before Renovation
During Construction
Heron Run Completed
Heron Run
Solar Panel Installation
Buford Manlove Manor
Before
After Renovation
William Coombs Video
Testimonial
FY15 General Fund Request
DSHA Budget
HDF Base Budget
$4,070,000
State Rental Assistance Program
$3,000,000
Total DSHA Budget
$7,070,000
Contact Information
Anas Ben Addi, Director
Delaware State Housing Authority
18 The Green
Dover, Delaware 19901
Telephone: 739-4263  Fax: 739-6122
Toll Free: 888-363-8808
E-mail: [email protected]
Thank you!